Technical Forecast for Brent Crude

Brent Crude held resistance at 110.10/20 & support at 109.35/30. The outlook is quite negative so we could continue lower today for support at 108.65/60. A bounce from here is possible again but watch for better Fibonacci & 200 day moving average support at 108.10/00 & a low for the day. Exit shorts & try longs with stops below 107.70.

 

Immediate resistance at 110.10/20 & we should struggle here again but if we continue higher look for 110.60/70 possibly as far as 111.00 highs for a selling opportunity within this band. Stops on shorts above 111.20 for 111.50/55.